Valid CFE-Financial-Transactions-and-Fraud-Schemes Exam Q&A PDF CFE-Financial-Transactions-and-Fraud-Schemes Dump is Ready (Updated 160 Questions)
Exam Questions and Answers for CFE-Financial-Transactions-and-Fraud-Schemes Study Guide
NEW QUESTION 32
Which of the following offender types in which people who take the money and run away?
- A. Offender types
- B. Absconders
- C. Long-term violators
- D. None of the above
Answer: B
NEW QUESTION 33
Which of the following is true for Red flags associated with fictitious revenues?
- A. Usual growth in the number of days purchase in receivables
- B. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- C. Slow growth or usual profitability, when not compared to other companies in the same industry.
- D. A significant volume of sales to entries whose substance and ownership is not known.
Answer: D
NEW QUESTION 34
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Recording a discount on sale procedure
- B. Internal discount sales audits
- C. False discounts
- D. None of the above
Answer: C
NEW QUESTION 35
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. False
- B. True
Answer: A
NEW QUESTION 36
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. False sole-source scheme
- B. Presolicitation scheme
- C. Need recognition scheme
- D. Submission scheme
Answer: C
NEW QUESTION 37
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Fiduciary Capacity
- B. Embezzlement
- C. Conversion
- D. None of the above
Answer: A
NEW QUESTION 38
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Legitimate check scheme
- B. Concealed check scheme
- C. Payable check scheme
- D. Endorse check scheme
Answer: B
NEW QUESTION 39
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 40
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. Out-of-balance
- B. False balance
- C. None of all
- D. Forced Balance
Answer: D
NEW QUESTION 41
Persuasive evidence of an arrangement does not exist when:
- A. Revenue and corresponding expenses doesn't match each other.
- B. No written or verbal agreement exists.
- C. Capitalized expenses and Liabilities will not be up to satisfied level
- D. Timings not meet properly
Answer: B
NEW QUESTION 42
In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:
- A. Holographic safety inks
- B. Chrome coloring
- C. High-resolution sprays
- D. Watermark backers
Answer: D
NEW QUESTION 43
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- C. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- D. an employee does not assist a vendor in winning a contract through the competitive bidding process.
Answer: B
NEW QUESTION 44
Which of the following must be present for a fraud to exist?
- A. All of the above
- B. A material false statement
- C. Knowledge that the statement was false when it was uttered
- D. Reliance on the fast statement by the victim
Answer: A
NEW QUESTION 45
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
- A. True
- B. False
Answer: A
NEW QUESTION 46
Skimming is:
- A. The removal of cash from a victim entity after its entry in an accounting system.
- B. None of above
- C. The removal of cash from a victim entity prior to its entry in an accounting system.
- D. The addition of cash from a victim entity prior to its entry in an accounting system.
Answer: C
NEW QUESTION 47
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. False specification
- B. Solicitation
- C. Need recognition
- D. Submission
Answer: B
NEW QUESTION 48
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To ensure bid-splitting
- C. To falsify the bid log
- D. To extend the bid opening date
Answer: B
NEW QUESTION 49
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. Two employees
- B. Single employee
- C. More then two employees
- D. None of the above
Answer: B
NEW QUESTION 50
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION 51
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.
- A. False
- B. True
Answer: A
NEW QUESTION 52
___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.
- A. Cash advances
- B. Payable checks
- C. counterfeit checks
- D. Payable cash
Answer: A
NEW QUESTION 53
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Deliberate writing of vague specifications
- B. Bid-splitting
- C. False specification
- D. Need recognition
Answer: A
NEW QUESTION 54
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